Demand for Hoverboard Market to Grow at a CAGR of 6.1% Through 2022
According to the recent study conducted by Fact.MR, the global hoverboard market will surpass a valuation of US$ 1,700 Mn. The demand for hoverboards has gained traction owing to its increasing affordability. Manufacturers are trying to make the product accessible to a wide pool of consumers, which has led to the availability of hoverboards at a lower-price range. The rising trend of using new-age electronic devices and increasing reliance on mobility equipment is fueling the demand for hoverboard in developed markets.
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Manufacturers of hoverboards are concentrating on enhancing technology, ergonomics, and range. Moreover, some of the latest hoverboards come with added features such as Bluetooth, Wi-Fi connectivity and wireless charging. Such features in hoverboard are luring more buyers. On the other hand, various instances of technological failure, and malfunctioning continues dampen the surging spirit of the global market for hoverboard. In many countries, government authorities have enforced strict safety regulation of hoverboard manufacturing. Low power capacity and extensive charging time remain few of the other technological limitation of the product.
Global Hoverboard Market – Key Insights
Among regions, the market in Asia-Pacific excluding Japan (APEJ) is expected to present lucrative growth opportunities for players during the forecast period. China remain one of the largest producers of cost-effective electric vehicles including hoverboards. Manufacturing of single and double wheeled hoverboards is expected further escalate in China over the next few years. This, in turn, is projected to support the growth of the hoverboard market in the region over 2022.
Based on product type, demand for double wheeled hoverboads is expected to remain strong throughout the assessment period. Global sales of double wheeled hoveboard currently command for over 80% share of the market in terms of revenue. Superior design and more convenience of riding makes double wheeled hoverboads more preferred among consumers.
By wheel size, consumer preference for hoverboards with 6.5 inch wheel size will remain strong in 2017 and beyond. Currently, sale of hoverboards with 6.5 inch wheel sizes more one-third revenue share of the market. Over 1,070 Mn units of hoverboards with 6.5 inch wheel size is expected to be shipped globally towards the end of 2022.
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On the basis of application, the recreational activities application segment will retain its top position over 2022. In terms of revenue, the segment presently account for over 70% market share. Between 2017 and 2022, the recreational activities segment is set to reflect a robust CAGR of 6.5%, and surpass a market valuation in excess of US$ 1,300 Mn.
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Some of prominent companies functioning in the global market for hoverboard include Ninebot Inc., Razor USA, LLC, EPIKGO, Skque Products, Megawheels, Genesis, Shenzhen Rooder Technology Co., Ltd., Airwheel Technology Holding ( USA ) Co., Ltd., HaloBoard, Segway Inc., TOMOLOO Technology Industrial Co., Ltd., SURFUS, Shenzhen Uwheel Technology Co., Ltd., Hangzhou Chic Intelligent Technology Co., Ltd., and Shenzhen JIALIKE Electronic Company Ltd.
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